Paychex, Inc.

PAYXleader

Paychex is the second-largest US payroll and HR services provider, focused on small and medium businesses. It benefits from interest income on client funds held in float and has high recurring revenue (~90%) with low churn.

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Products & Revenue

Product Revenue Share

Revenue Breakdown ($5.3B)

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Management Solutions (Payroll + HR) (80%)

PEO & Insurance (20%)

Segment Breakdown & Key Customers

Product Details

Payroll Processing55%

Payroll services for ~730,000 US businesses, predominantly SMBs (1-500 employees). Includes direct deposit, tax filing, and W-2 preparation.

Human Resources Solutions35%

HR administration, employee benefits, retirement plans (401k), and time-and-attendance software.

Insurance Solutions10%

Workers' compensation and health insurance administration for SMBs.

Supply Chain Relationships

Competitors

Automatic Data Processing, Inc.

Payroll, HR software

Impact: primary competitor in SMB market

Macro & Market Context

IT / 소프트웨어Sector News

AI 코파일럿 구독 전환 가속 — 전통 SaaS 성장률 차별화 심화

SaaS 시장 성장률 (2026E)

+18% YoY

AI 코파일럿 ARR 성장

+320% YoY

기업 IT 예산 증가율

+6% (AI 재배분)

전통 라이선스 시장

-12% YoY

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Company Info

Headquarters

Rochester, NY

Founded

1971

Employees

16,000

Website

paychex.com

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